# WellcoHoldings Corporation: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第47期(2024/11/01－2025/10/31) (S100Y02H)
> Page: https://vizora.meequs.com/en/company/wellcoholdings
> Retrieved: 2026-09-30T21:18:30.614Z

## Company

WellcoHoldings, founded in 1979, is a company in Publishing & Bookstores listed on TSE Standard. It has 389 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wellco Holdings Corporation |
| Ticker | 7831 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7831.T) |
| Listing | TSE Standard |
| Head office | 石川県白山市福留町370番地 |
| Representative (per filing) | 代表取締役社長 松浦 昌宏 |
| Founded | May 1979 |
| Share capital | ¥100M |
| Employees (consolidated) | 389 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | October |
| Website | www.wellco-corp.com (https://www.wellco-corp.com/) |
| Corporate number | 7220001008889 |
| EDINET | E00748 |
| Industries (Vizora) | Publishing & Bookstores, Printing, Catalog & TV Shopping, Education |

> Profile source: annual securities report (S100Y02H, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.2 | 23 |
| Profitability | 5.4 | 28 |
| Efficiency | 55.4 | 28 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 91% of WellcoHoldings's sales come from Information and printing business, with Education business and The mail order business making up much of the rest.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed -1.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.48B |  |
| Operating income | -¥623M | Margin -7.3% |
| Net income | -¥948M | Margin -11.2% |
| Free cash flow | -¥842M |  |
| Largest business | Information and printing business | of segment revenue 91.4% |
| Employees (consolidated) | 389 |  |
| EPS | ¥-34.66 |  |
| Book value per share | ¥118.95 |  |
| Equity ratio | 17.9% |  |
| Shares outstanding | 15,522,250 |  |
| Shareholders | 3,140 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 7.6% | Cash ÷ revenue 7.1% |
| Vs. industry median margin | -10.8 pp | Printing |
| ROA | -11.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11943000000 | ¥8478000000 | -29.0% |
| Operating income | ¥-116000000 | ¥-623000000 | — |
| Operating margin | -1.0% | -7.3% | -6.4 pp |
| Employees | 487 people | 389 people | -20.1% |
| Cash and equivalents | ¥3557000000 | ¥604000000 | -83.0% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報・印刷事業 → 情報・印刷事業 | 78.0% |
| メディア事業 → 事業再編・廃止 | 11.0% |
| 知育事業 → 事業再編・廃止 | 11.0% |
| 新設・再編 → 情報・印刷事業 | 13.5% |
| 新設・再編 → 知育事業 | 8.1% |
| 新設・再編 → 通信販売事業 | 0.5% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information and printing business | 5 years | -3.6% | ¥7753000000 | -2.0% | 2 |
| Education business | 3 years | -11.2% | ¥684000000 | -17.3% | 2 |
| The mail order business | 3 years | +65.8% | ¥41000000 | -46.3% | 2 |

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,478 | 100.0% | S100Y02H |
| Cost of revenue | 7,269 | 85.7% | S100Y02H |
| Gross profit | 1,209 | 14.3% | S100Y02H |
| SG&A | 1,833 | 21.6% | S100Y02H |
| Operating income | -623 | -7.3% | S100Y02H |
| Ordinary income | -651 | -7.7% | S100Y02H |
| Pretax income | -928 | -10.9% | S100Y02H |
| Income tax | 19 | 0.2% | S100Y02H |
| Net income | -948 | -11.2% | S100Y02H |
| Net income attributable to owners | -948 | -11.2% | S100Y02H |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 21 |
| Operating income | -7 |
| (Ref.) Net income | -11 |

### Margin funnel

Gross margin 14.3% → Operating margin -7.3% → Net margin -11.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,600 | 8,478 | -122 | -1.4% |
| Gross profit | 1,467 | 1,209 | -258 | -17.6% |
| Operating income | -213 | -623 | -410 | — |
| Net income attributable to owners | -436 | -948 | -512 | — |
| Operating cash flow | -481 | -669 | -188 | — |
| Free cash flow | -1,320 | -842 | 478 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 15,694 | -500 | -3.2% | -545 | 57 | -84 | S100KLQN |
| FY ending Oct 2020 | 11,943 | -116 | -1.0% | -28 | 527 | 368 | S100NAGO |
| FY ending Oct 2021 | 10,676 | 312 | 2.9% | 266 | 814 | 728 | S100Q07R |
| FY ending Oct 2022 | 9,033 | 267 | 3.0% | 327 | 513 | 364 | S100UC6K |
| FY ending Oct 2023 | 8,816 | 14 | 0.2% | 2 | 245 | 43 | S100V5M4 |
| FY ending Oct 2024 | 8,600 | -213 | -2.5% | -436 | -481 | -1,320 | S100Y02H |
| FY ending Oct 2025 | 8,478 | -623 | -7.3% | -948 | -669 | -842 | S100Y02H |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | -¥1.6M |
| Net income per employee (consolidated) | -¥2.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 354 | 309 | 290 | 294 | 389 |
| Average salary (parent company) | ¥3.8M | ¥3.8M | ¥3.9M | ¥3.9M | ¥4.1M |
| Average age (parent company) | 45.1 years | 46.2 years | 47.6 years | 46.6 years | 43.7 years |
| Average tenure (parent company) | 12.2 years | 12.2 years | 11.5 years | 10.2 years | 8.4 years |

Year over year: Employees (consolidated) +32.3% · Revenue (consolidated) -1.4%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information and printing business | 7,753 | 91.4% | -158 | -2.0% |
| Education business | 684 | 8.1% | -118 | -17.3% |
| The mail order business | 41 | 0.5% | -19 | -46.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Margin |
| --- | ---: | ---: |
| Information and printing business | 91.4% | -2.0% |
| Education business | 8.1% | -17.3% |
| The mail order business | 0.5% | -46.3% |

Loss-making segment (excluded from profit shares): Information and printing business -158 JPY mn

Loss-making segment (excluded from profit shares): Education business -118 JPY mn

Loss-making segment (excluded from profit shares): The mail order business -19 JPY mn

Segment → industry: Education business → Publishing & Bookstores / Information and printing business → Printing / The mail order business → Catalog & TV Shopping / Education business → Education

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -669 | -7.9% | S100Y02H |
| Capital expenditure | 173 | 2.0% | S100Y02H |
| Free cash flow | -842 | -9.9% | 算出 |
| Investing cash flow | -86 | -1.0% | S100Y02H |
| Financing cash flow | -652 | -7.7% | S100Y02H |
| Dividends paid | 0 | 0.0% | S100Y02H |
| Share buyback | 980 | 11.6% | S100Y02H |
| Change in cash | -1,395 | -16.5% | S100Y02H |
| Cash and equivalents | 604 | 7.1% | S100Y02H |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,647 | 4,005 | 3,627 | 1,999 | 604 | S100UC6K, S100V5M4, S100Y02H |
| Total assets | 12,858 | 11,364 | 11,170 | 9,293 | 7,924 | S100Q07R, S100UC6K, S100V5M4, S100Y02H |
| Net assets | 3,710 | 4,169 | 4,298 | 3,570 | 1,417 | S100UC6K, S100V5M4, S100Y02H |
| Share capital | 1,667 | 1,667 | 1,667 | 1,667 | 100 | S100Q07R, S100UC6K, S100V5M4, S100Y02H |
| Trade receivables | — | 1,428 | 1,501 | 1,361 | 1,411 | S100UC6K, S100V5M4, S100Y02H |
| Property, plant and equipment | — | 3,007 | 3,017 | 3,283 | 3,479 | S100UC6K, S100V5M4, S100Y02H |
| Intangible assets excluding goodwill | — | 58 | 125 | 253 | 370 | S100UC6K, S100V5M4, S100Y02H |
| Goodwill | — | — | — | — | 198 | S100Y02H |
| Investment securities | — | 1,172 | 1,385 | 947 | 525 | S100UC6K, S100V5M4, S100Y02H |
| Current assets | — | 6,808 | 6,373 | 4,556 | 3,294 | S100UC6K, S100V5M4, S100Y02H |
| Current liabilities | — | 4,212 | 4,241 | 3,442 | 4,434 | S100UC6K, S100V5M4, S100Y02H |
| Trade payables | — | 521 | 527 | 486 | 554 | S100UC6K, S100V5M4, S100Y02H |
| Short-term borrowings | — | — | — | — | 1,000 | S100Y02H |
| Long-term borrowings | — | 1,613 | 1,505 | 980 | 572 | S100UC6K, S100V5M4, S100Y02H |
| Total liabilities | — | 7,195 | 6,872 | 5,723 | 6,506 | S100UC6K, S100V5M4, S100Y02H |
| Equity attributable to owners of parent | — | 3,738 | 3,692 | 3,206 | 1,277 | S100UC6K, S100V5M4, S100Y02H |
| Retained earnings | — | 319 | 272 | -213 | -1,161 | S100UC6K, S100V5M4, S100Y02H |
| Treasury stock | — | -7 | -7 | -7 | — | S100UC6K, S100V5M4, S100Y02H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100Y02H |
| Receivables | 18% | S100Y02H |
| Property, plant and equipment | 44% | S100Y02H |
| Intangibles and goodwill | 7% | S100Y02H |
| Investment securities | 7% | S100Y02H |
| Other assets | 17% | S100Y02H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y02H |
| Other liabilities | 75% | S100Y02H |
| Equity | 18% | S100Y02H |
| Other liabilities | 0% | S100Y02H |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,858 | 11,364 | 11,170 | 9,293 | 7,924 |
| Equity | 3,710 | 4,169 | 4,298 | 3,570 | 1,417 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,647 | 4,005 | 3,627 | 1,999 | 604 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 41.0% | S100Y02H |
| Fixed assets ÷ total assets | 43.9% | S100Y02H |
| Goodwill ÷ parent equity | 15.5% | S100Y02H |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 7.6% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 279 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.5% | 0.83× | 2.1% | 3.47× | 7.2% | S100Q07R, S100UC6K |
| 2022 | 3.6% | 0.75× | 2.7% | 3.24× | 8.7% | S100UC6K |
| 2023 | 0.0% | 0.78× | 0.0% | 3.03× | 0.1% | S100V5M4 |
| 2024 | — | —× | -4.3% | —× | — | S100Y02H |
| 2025 | — | —× | -11.0% | —× | — | S100Y02H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社わかさ屋 | Major shareholder | 19.3% | 2025-10-31 |
| 株式会社桂紙業 | Major shareholder | 6.4% | 2025-10-31 |
| 株式会社北國銀行 | Major shareholder | 4.6% | 2025-10-31 |
| 大和輸送株式会社 | Major shareholder | 3.2% | 2025-10-31 |
| 仲田 広道 | Major shareholder | 2.9% | 2025-10-31 |
| 森 一成 | Major shareholder | 2.3% | 2025-10-31 |
| 内藤 征吾 | Major shareholder | 2.1% | 2025-10-31 |
| 株式会社タナックス | Major shareholder | 1.9% | 2025-10-31 |
| ウイルコ従業員持株会 | Major shareholder | 1.6% | 2025-10-31 |
| 大曽根 和人 | Major shareholder | 1.5% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第47期(2024/11/01－2025/10/31) | S100Y02H | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y02H,, |
| 有価証券報告書－第46期(2023/11/01－2024/10/31) | S100V5M4 | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5M4,, |
| 訂正有価証券報告書－第45期(2022/11/01－2023/10/31) | S100UC6K | 2024-09-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UC6K,, |
| 有価証券報告書－第44期(2021/11/01－2022/10/31) | S100Q07R | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q07R,, |
| 有価証券報告書－第43期(令和2年11月1日－令和3年10月31日) | S100NAGO | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAGO,, |
| 有価証券報告書－第42期(令和1年11月1日－令和2年10月31日) | S100KLQN | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLQN,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).